NO.PZ2023032701000040
问题如下：
Yee makes the following critical assumptions
• 2013 earnings per share (EPS) will be $1.80.
• EPS will grow forever at 6% annually.
• Cost of equity=12.0%
• For 2013 and beyond:
• Net capital expenditures (fixed capital expenditures minus depreciation) will be 30% of EPS.
• Investments in working capital will be 10% of EPS.
• Of future investments, 60% will be financed with equity and 40% will be financed with debt.
Using Yee’s assumptions and the FCFE valuation approach, the year-end 2012 value per share of McLaughlin’s common stock is closest to:
选项：
A.$24.17
$22.80
$18.00
解释：
FCFE=NI+Dep-WC-FC+NB
其中NB=DR*(WC+FC-Dep)
合并后就是：
FCFE=NI-(1-DR)*(WC+FC-Dep)
